GlobalReach Markets online trading: CFD Trading Rates

By: Globalreach Markets  05/12/2011
Keywords: stock market

CFD Spreads

Currency/CFD Exchange

Spread Markup

Ticket Fee Threshold

Ticket Fee


+/- 0.25%




+/- 0.25%




+/- 0.25%




+/- 0.25%




+/- 0.30%




+/- 0.25%




+/- 0.25%




+/- 0.25%



Athens (AT)

+/- 0.75%



Index CFDs

Index CFDs are over-the-counter products where the price is established by GlobalReach. Index CFDs aim to reflect the fair value of the underlying index but the actual bid and ask price may differ slightly from the actual index level.

Index CFD spreads

Index CFDs are traded on the index level with the following bid/ask spreads:

Stock Index Spread
S&P 500 Index 3 index points
NASDAQ 100 Stock Index 3 index points
Dow Jones Industrial Average 9 index points
FTSE 100 Index 5 index points
DAX 30 Performance Index 5 index points
CAC 40 Index 7 index points
Dow Jones Euro STOXX 50 Index 7 index points
Swiss Market Index 9 index points
ASX S&P 200 Index 6 index points
Nikkei 225 32 index points
OMX Stockholm 30 Index 3 index points
AEX 25 Index 4 index points
IBEX 35 Index 17 index points
S&P/MIB 40 3 index points

Index CFD Margin Requirements

For index CFDs, you must maintain a minimum of 5% of the investment value in your account to cover your CFD exposure at all times.

CFD Interest and Accrual Rates

If you hold a CFD after the stock market closes, you are subject to a financing fee or accrual:

  • When you buy a CFD, you are subject to a financing charge at the Inter-Bank Offer Rate for the currency in which the share is traded (e.g. LIBOR plus 3%)
  • When you short sell a CFD, you receive an interest accrual at the Inter-Bank Bid Rate for the currency in which the share is traded (e.g. LIBID minus 2.5%)

If you open and close a CFD position within one trading day, you are not subject to these charges or accruals.

Currency Conversions

Currency conversions of trading costs as well as profits and losses from trading activities are done using the prevailing close rate as of 17:00 New York Time, plus/minus 0.5%.

Short Selling CFDs

When short selling a CFD directly on an exchange, you will be affected by the rules for the stock market in that country. For example:

  • For US CFDs, an up-tick rule applies where you can only short sell on an up-tick
  • For Australian CFDs, you may experience limitations on the amount of CFDs you can short trade in a single day due to limited borrowing availability in the underlying market

When short selling CFDs, you can experience forced closure of a position if your CFDs get recalled. The risk is particularly high if the stock becomes hard to borrow due to takeovers, dividends, rights offerings (and other merger and acquisition activities) or increased hedge fund selling of the stock.

Dividends on CFD Positions

Holders of long CFD positions will, when dividends are paid on the underlying share, qualify for a proportional payout. Holders of short CFD positions will have to pay an amount equal to the full (gross) dividend paid on the underlying share.

The amount will be credited/debited your trading account on ex-date, unless the dividend rate is unconfirmed in which case the dividend is paid on pay date (e.g. ADR's).

Dividends on CFD positions are paid and debited through the platform and not by the underlying company. Dividends paid or debited are cash adjustments reflecting corporate actions in the underlying share and as a result will not take into account special dividend taxes that may be applicable. CFD dividends may therefore differ from the dividends payable on the underlying share. Holding a CFD does not confer the rights to any dividend imputation credits.

Partial Fills

Partial fills may occur on limit orders and the remaining amount stays in the market as a limit order and may be filled within the order duration.

Market orders can be filled at numerous levels, the price paid will be the volume weighted average price of all the fills.

Nordic Markets

Orders traded in the Nordic markets (Denmark, Sweden and Norway) are split into an "Even lot" which will be traded, and a remainder which will be routed to the odd-lot book.

When part of an order is routed to the odd-lot book, limit orders will be filled if possible or left on the book until a fill is possible. A market order will be filled immediately if possible, and will otherwise be cancelled (fill or kill principle).

Keywords: stock market

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